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Dec 5, 2012
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but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if they can get past tax rates and spending cuts, then they will be able to deal with the peripheral issues. but we don't have much time. if a deal isn't reached or a framework isn't reached in the next week or, so it's going to be a big problem. >> all right, thanks for that. good to see you. > >>> nokia -- we'll tell you more when we come back in a few moments. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sal
but it's also important to remember that the fiscal cliff isn't only tax rates and spending cuts. the fiscal cliff also includes the nation's agriculture policy, which expires at the end of the year. it includes patches to medicare formulas. patches to social security formulas. so this is a huge mess of issues. we're not even talking about those issues yet. congressional negotiators and the white house aren't talking about these huge host of other issues that are on the table. the thought is if...
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Nov 30, 2012
11/12
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besides raising taxes for the rich, one of the main key stick points over the fiscal cliff debate is whether to cut entitlements. dean baker says that's not the reason for our deficit problems. so they should not be on the table right now. we also have j.d. foster of the heritage foundation who says mr. baker's numbers don't add up. good to see you, gentlemen. thanks for joining us. dean, make the case. >> well wit, it's very simple. if you look at projections, we had low-budget deficits, 1.2% gdp until the economy collapsed the housing bubble. the reason why we have large budget deficits today is pure and simple. the economy collapsed and the deficits are what's supporting demand. why are we suddenly running around like chickens with our heads cut off to cut social security and medicare when those programs are needed more than ever? >> so you think we should keep spending on those programs? >> i think we need to protect retirees. they took a big hit when their house prices collapsed to then turn around and whack them again by taking away their social security and medicare doesn't ma
besides raising taxes for the rich, one of the main key stick points over the fiscal cliff debate is whether to cut entitlements. dean baker says that's not the reason for our deficit problems. so they should not be on the table right now. we also have j.d. foster of the heritage foundation who says mr. baker's numbers don't add up. good to see you, gentlemen. thanks for joining us. dean, make the case. >> well wit, it's very simple. if you look at projections, we had low-budget deficits,...
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Dec 3, 2012
12/12
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cliff, i'm worried some actually believe that and that's one thing that scares me. i think there's a deal on the table, get a few years deal, it's only if -- obviously the republican caucus could do something stupid, but owes otherwise my main word is the dems decide they want to play for a long term deal that it all has to be resolved right now and it's worth the risk and i don't think it's worth the risk. >> adam, always good to see you. thank you very much indeed. we move on, stay in the united states, strike at the port of los angeles long beach is entering its seventh day and some analysts fear it could cost the u.s. economy $1 billion a day. it means lost business for truckers and others who rely on the port for their livelihood. combined they are the nation's busiest handling nearly 40% of impossibles from asia. and google customers across europe will be able to access the largest repertoire of music in the world. the fruit of a collaboration between internet giant and european collecting societies. kelly spoke to the director of strategy resources and asked
cliff, i'm worried some actually believe that and that's one thing that scares me. i think there's a deal on the table, get a few years deal, it's only if -- obviously the republican caucus could do something stupid, but owes otherwise my main word is the dems decide they want to play for a long term deal that it all has to be resolved right now and it's worth the risk and i don't think it's worth the risk. >> adam, always good to see you. thank you very much indeed. we move on, stay in...
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Dec 6, 2012
12/12
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timothy geithner saying the white house is prepared to go over the fiscal cliff if republicans don't give in on higher taxes for the wealthy. a little bit of trade data out of the uk. i didn't have a forecast for this. adjusted global goods trade deficit 9.5 billion. september unrevised. forecast here forecast at 8.65, so that is a wide deficit than forecast. adjusted 4.5 billion. sterling not reacting huge amount. european stocks today are firmer. up 0.4% for the ftse. xetra dax continues its strong momentum, we are trading at 52 week highs and up now about 27% for the year. bond markets which is where we stand with yields, spanish ten year yields slightly lower, but we were 5.2% beginning of the week was the handle. currency markets, not huge changes. euro-dollar just below 1.31, dollar-yen 82.44. euro trading, though, at a fresh day high it must be said. we have comments coming out of china on the smartphone segment. apple's rang in china smartphone market which will become the world's biggest this year down to number six in the third quarter. facing tougher competition from chine
timothy geithner saying the white house is prepared to go over the fiscal cliff if republicans don't give in on higher taxes for the wealthy. a little bit of trade data out of the uk. i didn't have a forecast for this. adjusted global goods trade deficit 9.5 billion. september unrevised. forecast here forecast at 8.65, so that is a wide deficit than forecast. adjusted 4.5 billion. sterling not reacting huge amount. european stocks today are firmer. up 0.4% for the ftse. xetra dax continues its...
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Nov 30, 2012
11/12
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. >> after her meeting with geithner, nancy pelosi says congress should address the fiscal cliff in two stages. first lawmaker shoes agree to spending cuts and an infrastructure package along with passing the middle class tax cut. she says tax and entitlement reform would then come in the next year. mean while christine lagarde says she's hopeful an agreement can be found. >> are you confident that they will reach an agreement? >> i have to come to talk about the fiscal cliff? practicing matti >> we all have fiscal cliff fatigue. >> yeah, i think it's totally understandable, but it still hasn't been dealt with as we've just seen. we think there will be a fiscal slide. we have kind of three scenarios in find. a full fiscal cliff, a bunny slope or something in the middle, a fiscal slide. and i think that's where we're headed. we believe it will be in the neighborhood of 1.5% of gdp in fiscal adjustment and i think that's obviously better than the full lack of 4.5. and it's better than -- worse than something that wouldn't make too much difference. 1.5 will make an important difference sti
. >> after her meeting with geithner, nancy pelosi says congress should address the fiscal cliff in two stages. first lawmaker shoes agree to spending cuts and an infrastructure package along with passing the middle class tax cut. she says tax and entitlement reform would then come in the next year. mean while christine lagarde says she's hopeful an agreement can be found. >> are you confident that they will reach an agreement? >> i have to come to talk about the fiscal cliff?...
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Dec 4, 2012
12/12
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the fiscal cliff was agreed to by republicans and democrats. now nobody wants to pay the price. i say let's go ahead and get this done. the fact is it's actually a slope and not a cliff. we've got to get this done. i'm serious about deficit reduction. i don't think you can talk about deficit reduction without more taxes and cutting spending both. >> do you think the white house is ready? do you have people there with a wink and a nod, howard, that say you're right? >> i don't really know. i mean, they couldn't possibly say that, they're in the middle of a negotiation. and so we'll see what happens. but i believe that the country will get through this. there will be some pain in the next year. and the other thing i believe is that wall street who's moaning and groaning about this is actually going to do much better. because this is something i agree with rick about is certainty is critical to the business community. we can disagree about the regulatory stuff, but the fact is if we do this, if we go over the cliff, tax rates will be at a certainty. you can say they'll be too high,
the fiscal cliff was agreed to by republicans and democrats. now nobody wants to pay the price. i say let's go ahead and get this done. the fact is it's actually a slope and not a cliff. we've got to get this done. i'm serious about deficit reduction. i don't think you can talk about deficit reduction without more taxes and cutting spending both. >> do you think the white house is ready? do you have people there with a wink and a nod, howard, that say you're right? >> i don't really...
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Nov 30, 2012
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. >> do you think there would be any growth, anything positive, from going over the fiscal cliff that would ameliorate the damage? >> it depends on what -- the deficit. >> if you -- depends what the alternative is. alternative is what was proposed yesterday, i would go over the cliff and take -- >> so would all the people on the left. >> but on the other hand, i hope that there can be -- >> 50/50? where are we? >> 50/50, yes. >> you don't think it is 70? >> as a patriot i want to think it is better than 50/50. >> i'm wearing my but only -- >> i am, too. rising above. >> it is -- direct thing right at the -- somebody who is speaking in pennsylvania today. is it pennsylvania? >> pennsylvania today. >> but -- >> that's how i rise above it. >> i felt a lot better yesterday when i was reading the -- talk in the journal. story about how it looked like there was movement on it. i don't know. >> doesn't sound -- maybe we are wrong for focusing on the day by day. >> we will come back and ask how larry would negotiate this deal. still to come this morning, it is the height of the holiday shoppi
. >> do you think there would be any growth, anything positive, from going over the fiscal cliff that would ameliorate the damage? >> it depends on what -- the deficit. >> if you -- depends what the alternative is. alternative is what was proposed yesterday, i would go over the cliff and take -- >> so would all the people on the left. >> but on the other hand, i hope that there can be -- >> 50/50? where are we? >> 50/50, yes. >> you don't think it...
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Dec 6, 2012
12/12
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the fiscal cliff hits. the arguments i just pa about the withholding tables and cutting spending, are not generally talked about. a lot of people deny they can be done. we're confident they can. so the question then becomes what's the impact, where is the impact. and the impact is equity markets end of next week will say these guys aren't going to get it done, we won't have a deal january 1, everything falls apart, that's assuming of course we all get past december 21st. >> so basically week and counting before you think the equity market really drops significantly? >> if we do get a deal done do, we just maintain the 2% that we're stuck in with the high unemployment and not go down? or does it actually allow us to start growing again? is anybody talking growth? >> we're talking growth. >> is it possible to ever get back to that in this environment? >> it is. you have a lot of problems with the piece. >> do you briyou believe if you rote deficit -- two different ways. you either keep the government that you
the fiscal cliff hits. the arguments i just pa about the withholding tables and cutting spending, are not generally talked about. a lot of people deny they can be done. we're confident they can. so the question then becomes what's the impact, where is the impact. and the impact is equity markets end of next week will say these guys aren't going to get it done, we won't have a deal january 1, everything falls apart, that's assuming of course we all get past december 21st. >> so basically...
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Dec 5, 2012
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so when we look at the fiscal cliff and everything else in terms of actual cuts in spending, everybody recoils in horror because they know it implies. >> you made your point, though, we surrendered to fdr, and instead of supplementing people, instead of letting them earn their own success, we're going to somehow try to deal with outcome rather than opportunity and pay for it. and you want to pay for -- >> no, i don't. >> in a fairer society. what you see as a fairer society. >> i didn't say it was a fairer society. but chris brought up an important point. and i want people to talk about the "wall street journal" today. we're not talking about cutting spending, not talking about cutting growth rates, which is a huge difference, one reason why people like me look at former presidential candidate mitt romney talk about npr or planned parenthood. the number one answer for balancing the budget is foreign aid. which if you really wanted to balance the budget and you don't always have to go to the department of justice or whatever it may be. but over the next ten years, 90% of federal outlays
so when we look at the fiscal cliff and everything else in terms of actual cuts in spending, everybody recoils in horror because they know it implies. >> you made your point, though, we surrendered to fdr, and instead of supplementing people, instead of letting them earn their own success, we're going to somehow try to deal with outcome rather than opportunity and pay for it. and you want to pay for -- >> no, i don't. >> in a fairer society. what you see as a fairer society....
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Dec 3, 2012
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but if you actually see the country going over the fiscal cliff, you see these huge spending cuts kicking in at the same time as higher taxes, i know the thinking is the president can say this is the republican's fault for doing this, but do you think he'd really stay over the cliff given what that would mean to the economy in such rapid fire fashion? >> i think the sequestration is more of a problem thax the tax rates. sequestration requires very big cuts very quickly which would jaw the economy. i think the president could give a speech over the next two weeks, prepare americans for going over the cliff and it's not guilty not going to be a big deal because tax rates are going to revert to where they were and the serious conversations with republicans begin. it gives everybody an opportunity to save face. the president gets what he wants. all the tax rates are go up. he can pull back the 98%. the republicans won't go against that. so in some ways, it works in everyone's political interest. sequestration is a big problem because if that goes into effect, the country certainly almost goes
but if you actually see the country going over the fiscal cliff, you see these huge spending cuts kicking in at the same time as higher taxes, i know the thinking is the president can say this is the republican's fault for doing this, but do you think he'd really stay over the cliff given what that would mean to the economy in such rapid fire fashion? >> i think the sequestration is more of a problem thax the tax rates. sequestration requires very big cuts very quickly which would jaw the...
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Nov 29, 2012
11/12
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cliff. >> are there any preparations you're making in particular? >> we've been reducing our risk on interest rate sides because particularly when this thing blows up, you don't know where it's -- >> you're not cutting people yet? >> no, we're not cutting people. >> are you planning to do so? >> in our business we're not as affected by consumer buying because in most state use have to buy our product. so we'll continue to sell the same amount of business we sold before, so we do not have to cut people as a result of the cliff. >> hey, tom, when you hear all the negotiations, the bad news is everybody's trying to figure out which amount of each of these three buckets that you mentioned things should go into. dwlou see a compromise working out, particularly when you hear on both the far right and the far left this idea that we don't want a compromise, we want it our way? >> i think idea that you don't want to compromise is just a dumm idea. i mean if we go over the cliff when we go into a recession, wealthy people, you know, my stock portfolio will go
cliff. >> are there any preparations you're making in particular? >> we've been reducing our risk on interest rate sides because particularly when this thing blows up, you don't know where it's -- >> you're not cutting people yet? >> no, we're not cutting people. >> are you planning to do so? >> in our business we're not as affected by consumer buying because in most state use have to buy our product. so we'll continue to sell the same amount of business we...